Popular Bank Provides $19M Construction Loan For Development Site In Gowanus
FINANCED
$19,000,000
New York
See Similar DealsDevelopment Site39,130 SF
Financed 08/11/2022
FINANCED
Popular Bank Provides $19M Construction Loan For Development Site In Gowanus
584 4th Avenue, Brooklyn, New York 11215, United States
See Similar DealsDevelopment Site39,130 SF
Financed 08/11/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$485
Total Square Footage:39,130 SF
Transaction Type:Loan
A development site in Gowanus, located at 584 4th Avenue, has been involved in a closed transaction. The property is a development site with a buildable square footage of 39,130. The loan provided by Popular Bank to Watermark Capital Group & Yoel Werzberger played a significant role in this deal.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $19,000,000
- Market: Gowanus
- Lender: Popular Bank - Claudette Sofair
- Landlord: Watermark Capital Group & Yoel Werzberger
Claudette Sofair from Popular Bank acted as the lender in this deal, providing a construction loan of $19,000,000. Watermark Capital Group and Yoel Werzberger represented the landlord side of the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,000,000.00
Monthly NOI$126,666.67
Monthly Debt Service$120,092.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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